Australia Loans $45 Million Sweetener to Fund Tim Tam’s Global Expansion

Support will refinance $1.75 billion in debt maturing in 2026 and back Arnott’s growth plans.

Tim Tams are seen during Vox Media's 2022 Code Conference - Day 2 in Beverly Hills, Calif., on Sept. 7, 2022. Randy Shropshire/Getty Images for Vox Media

Australia’s National Reconstruction Fund Corporation (NRFC) has provided a $45 million (US$30 million) loan to the Arnott’s Group, positioning the country’s most famous biscuit to scale up exports and accelerate its global ambitions.

The funding will support the refinancing of $1.75 billion in existing debt maturing in 2026 and is tied to what Arnott’s has described as “planned future growth capital expenditure.”

Tim Tam already has a strong foothold in the UK, stocked in major British supermarkets since April 2024.

More than five million packets have reportedly been sold, with the chocolate biscuit outperforming initial expectations and becoming a mainstream product for UK retailers.

NRFC Chief Executive David Gall said helping Australian brands grow internationally was central to the fund’s purpose.

“Arnott’s is a great Australian company, and its products are a source of pride and enjoyment for so many Australians,” he said.

The latest deal follows the NRFC’s investment in Patties Food Group and brings announced commitments to just over $1.02 billion across 17 investments since late 2024.

Chief Investment Officer Mary Manning said the Tim Tam financing was important for an often-overlooked part of the food sector.

“This deal is significant because it is the second we have done in the Priority Area of Value Adding in Agriculture, an important part of the national economy,” she said.

Historic Brand, Offshore Ownership

Arnott’s was founded in 1865 and employs more than 2,500 people in local facilities. However, it has not been Australian-owned for decades.

The business was acquired by Campbell Soup Company in 1997 and later purchased by U.S. investment firm KKR in 2019.

Although ownership is international, Arnott’s headquarters remain in Sydney, and the company has broader Asia-Pacific operations in New Zealand, Malaysia, and Indonesia.

Its products are sold across the region under a diverse portfolio including Campbell’s, V8, Messy Monkeys, and Freedom Cereals.

Second Major NRFC Investment

The National Reconstruction Fund was set up in September 2023 and holds $15 billion of public investment capital to drive new manufacturing capability across Australia.

The Tim Tam financing is the second investment announced by the NRFC.

Its first commitment came in November last year, when it pledged $40 million to Russell Mineral Equipment in Queensland.

According to the government, RME develops mineral-processing technology across key critical minerals, including copper, gold, platinum, nickel, zinc and iron ore—commodities that underpin clean-energy generation and storage.